Answer:
A= $3345.85
Step-by-step explanation:
Hello, thanks for leaving your question here at Brainly, I think I can help you with this.
to solve this you need to know the compound interest formula.
[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]
where
A=Amount(future value)
P=principal
r=interest rate(decimal)
n=number of times interest is compounded per unit "t"
usually the value of interests given corresponds to annual interests, and the time unit is a year
Step 1
define and put the values into the equation
A=?
P=$500
I=r=0.079
N=n=1
t=25[tex]A=P(1+\frac{r}{n} )^{nt}\\A=500(1+\frac{0.079}{1} )^{1*25}\\A=500(1+0.079 )^{25}\\A=500(1.079 )^{25}\\A=500(6.69)\\A=3345.85[/tex]
A= $3345.85
I hope it helps, Have a great day.
